Use Your Flexible Spending Account Before You Lose It This Year
A flexible spending account (FSA) gives you tax-free funds for medical expenses outside your annual insurance coverage. It’s essentially the “use it or lose it” version of insurance. While these accounts may be helpful for hidden costs throughout the year, they do expire when your plan resets.
As we approach the end of the year, you should always review your FSA balance to make the most of your funding by proactively investing in your health before the funds disappear.
How Does a Flexible Spending Account Work?
Your employer facilitates your flexible spending account and limits the amount of money you can contribute towards it every year. Your contributions are tax-free and available whenever your health insurance does not fully cover medical treatments or expenses.
You can use your FSA to pay for various medical and dental expenses for you, your spouse, and your dependents, including:
- Deductibles and copayments
- Prescription medication
- Medical devices ex: crutches
- Modifying your home for disability
- Exams, scans and treatments not covered by insurance
To use your FSA, you must submit a claim through your employer with proof of your medical expenses and a statement from your insurance confirming the lack of coverage.
Using a Flexible Spending Account for Physical Therapy
Your FSA is a great way to pay for physical therapy, whether you have a pre-existing injury or want to enhance your athletic performance. Funding physical therapy treatments with your FSA may also help you save money.
The cash in your FSA is not taxed; therefore, you pay less for treatments using this account than you would when using your checking account. The IRS considers the following physical therapy treatments are eligible health expenses:
- TENS, IFC, and other electrotherapies
- Orthopedic supports and braces
- Pain relief pads and packs
- Sports injury rehabilitation
- Neurological physical therapy
4 Ways to Use Your FSA for Physical Therapy at Park North:
1. The NEUBIE Master Reset
One of the biggest differentiators at Park North Physical Therapy is our use of the NEUBIE device. This latest innovation in electrical stimulation performs a “master reset” on your body by interacting directly with your vagus nerve to reduce muscle tension, decrease inflammation, improve heart rate variability and improve gastrointestinal functions. Shed your stress and anxiety with this modern self care that balances your autonomic nervous system.
2. Digitsole’s Running Analysis
A comprehensive running analysis can help you break through your limitations and prepare to smash your fitness goals in the new year. During a running analysis, the therapist analyzes your gait and identifies patterns in your stride that could cause injury over time. This analysis helps us create a personalized physical therapy treatment plan that targets your weak spots for better athletic performance.
3. Our Reformer Pilates Program
Pilates improves your flexibility and strength over time, helping you move more confidently through physical exercises and everyday life. This treatment can help you recover faster from an injury and boost your overall athletic performance. Our reformer Pilates programs target your core muscles to improve balance and posture, which can enhance stability, prevent falls and reduce the risk of future injuries.
4. A General Functional Screening
Your FSA may cover diagnostic screenings that detect potential disorders and prevent future injuries and pain. Functional screenings can help us identify mobility issues and other dysfunctions in the body and develop a personalized physical therapy program. Using your FSA funds to check that your muscles, bones and joints are working well is a proactive way to invest in your health.
Use Your FSA for Physical Therapy
Get a headstart on your health in 2023, today. Why wait until January to start working on your health when it makes financial sense to start now?
Park North Physical Therapy is a trusted community health care provider that offers advanced physical therapy treatments to boost everyday mobility, flexibility and athletic performance. We accept FSA cards to help you make the most of your tax-free medical funding - contact us to find out how we can help you.